As millions of baby boomers head into retirement, many discover that they were not as well prepared as they had thought. As individuals prepare for retirement, it’s important to be aware of some of the more common retirement planning pitfalls.
We understand the unique needs and challenges faced by seniors who are retired or are about to retire. It’s important to understand how your retirement income should be structured, how long your income will last and which sources of income you should tap into first to minimize taxes and maximize income potential.
It’s Never Too Early To Plan
Whether you are in the accumulation phase or have already retired, a sound strategy is critical. Through comprehensive planning, we can help you prioritize your goals, develop a strategy to protect and grow your retirement assets and minimize your tax liability - now and during retirement. One of the most common mistakes we see people make in planning their retirement is failure to plan for long-term care expenses. As part of our planning, we will evaluate the variables in your retirement plan to ensure that you:
• Choose the appropriate type of long-term care insurance
• Meet your retirement income needs
• Maintain your lifestyle choices and priorities
• Have funding for your goals and aspirations whether they be travel, hobbies, charitable giving, etc.
• 401(k) / 403(b) and other Qualified Plans
• Traditional and Roth IRAs
• Immediate and Deferred Annuities
• Life Insurance (Term and/or Universal)
• Stocks, Bonds, Mutual Funds
• Social Security Election Planning
• Long-term Care Insurance
© 2015 Utah Senior Planning